The Best of the Weekend Business Papers 12 July 2020

July 12

 

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THE 1% PODCAST – Ade McCormack 
Listen here 

Ade McCormack had some fascinating perspectives on the optimisation of organisational performance in the new digital 
age on this week’s 1% Podcast.
 
An expert and thought leader in the future of work, Ade has lectured at MIT, had columns in the Financial Times, and CIO Magazine, and has worked with some of the world’s most recognisable brands around performance and attention.

With all of the digital distractions around us today, whilst so many are juggling work and family at home and operating completely digitally, we particularly explored the issue of attention and its impact within the performance setting, both personal and professional.   Listen & subscribe>

 

BUSINESS PAPERS – THE MAIN TALKING POINTS
  • The Business Post says the government is set for a showdown with banks over payment breaks
  • The Sunday Independent says tech firms face a tax hit due to remote working by non-Irish staff
  • The Sunday Times claims the Central Bank is to investigate how listed firms update the market 
  • The FT reports that Sony has a bought a $250m stake in Fortnite creator Epic Games
  • The WSJ says American Airlines is threatening to cut its order of Boeing’s 737 Max Jets
QUOTE OF THE WEEK
 

 

“The man who lifted a nation.”
– The headline on this week’s Sunday Independent paying tribute to Jack Charlton who died last week.
 

 

THE BUSINESS POST
 

 

“Varadkar set for a showdown with top bankers over Covid-19 interest row” is the splash on this week’s paper. Aiden Corkery reports that the Tánaiste Leo Varadkar is to face off with bank CEOs this week amid an “escalating row” over interest being charged to mortgage holders on Covid-19 payment breaks. The news comes after Varadkar gave an interview on RTE on Saturday in which he said banks “talk down to you with gobbledygook” and that he didn’t  “fully trust what they say”.

Some of the money you pay in taxes is “almost certainly” ending up in the hands of people-traffickers and criminals. That’s according a report by Barry J Whyte on page four who spoke to Kevin Hyland, the UK’s former anti-slavery commissioner. Hyland told Whyte that due to the public procurement processes it is almost certain that some of the taxpayers’ money is ending up in the wrong hands.

City planners are moving to limit the proliferation of tourist souvenir shops on Dublin’s O’Connell Street according to a report on page five. Killian Woods reports that the Dublin City Council ordered the closure of the “My Dublin” souvenir store because it didn’t fall into the category of “higher-order retail”. The Council also refused Claddagh Ring Limited permission to paint its storefront bottle green saying it would result in “further deterioration” of the street.

Airlines are looking for government rebates worth “hundreds of millions” following the collapse in air travel Covid-19. That’s according a report by Peter O’Dwyer on page seven who writes that the state-appointed Aviation Recovery Taskforce, which is made up of airlines and aviation leasing companies, want government rebates on airport and air navigation charges for up to three years. The Taskforce has also called for a stimulus package to be put in place for Ireland’s regional airports.

EBS is facing a lawsuit from the number of mortgage customers after it mistakenly reported them to the Irish Credit Bureau (ICB) for missing their repayments. Rosanna Cooney writes that four mortgage customers are taking legal action alleging that EBS acted unlawfully by sharing their data with the ICB.

In Brief

  • The Temple Bar pub has been refused planning permission to expand the premises
  • Irish property developers the Comer brothers made over €200m in profits last year
  • The legal dispute over €750k in rent arrears at Bewley’s Café will be heard this week
  • The state spent €565m on temporary accommodation for the homeless in the last five years
The Sunday Business Post is a digital subscription. We encourage you to support quality journalism and subscribe or buy the physical newspaper. Subscribe here >
 

 

THE SUNDAY INDEPENDENT
 

 

“Multinationals face tax hit after exodus of overseas staff” is the headline over this week’s top business story. Ferghal O’Connor reports that Irish-based tech giants are being exposed to a tax liability due to their non-Irish staff returning home abroad to work remotely during the pandemic. The warning comes from tax advisor EY who said an Irish-based employer could end up being liable for up to 45% PRSI depending on where the employee was based.

In another front-page story it’s reported that the Dublin Airport Authority (DAA) has lost more than €100m since the beginning of the pandemic. That’s according to DAA chief Dalton Phillips who also warned that staff wages could not be guaranteed past the end of the month.

The proposed takeover of Goodbody Stockbrokers by Bank of China (BOC) is off due to Covid-19. The deal, which many had suspected had hit the skids, was officially broken off after the BOC said that due to the pandemic it was “not in a position to complete the proposed acquisition at this time”.

In Brief

  • Norwegian company Statkraft Ireland has lodged plans for a €25m solar farm in Meath
  • The Central Bank has submitted a tender to hire a specialist legal debt collection agency
  • Irish building materials group Kingspan has donated €1m in PPE to the HSE
  • Enginenode has received planning permission to build a large data centre in MeathThe “Dublin People” newspaper titles are to relaunch next month after being bought out
The Independent Group makes its digital revenue through advertising. We encourage you to support quality journalism by clicking the link below or by purchasing the physical newspaper. Click here >
 

 

 
THE SUNDAY TIMES
 

 


This week’s top business story is that the Central Bank is to launch a probe into how listed companies on the Irish stock exchange release price-sensitive information. According to Niall Brady’s piece, the probe follows a review by the Central Bank of how the company announced the impact of Covid-19 on their businesses. Apparently the review found that entities in certain sectors were “more proactive” in making announcements than others.

About 60% of the 72,000 households on a three-month Covid-19 mortgage payment break are not ready to restart paying their loans. That’s according to preliminary figures from the Banking & Payments Federation Ireland which found that the households have sought to extend the payment break by a further three months.

Some property news and US investment firm Colony Capital is talks with Ronan Group Real Estate over whether Covid-19 might negatively affect the demand for office and residential space in the Dublin market. It comes as Colony has reportedly hired an agent to review its €1bn office portfolio in Ireland.

In Brief

  • Your Smile Direct, which provides teeth-straightening aligners, has gone into liquidation
  • Famed haunted house, Loftus Hall in Co Wexford, is closing to visitors at the end of the year
  • The IDA paid €7.7m last year to rent is new HQ at Park Place in Hatch Street, Dublin
The Sunday Times is a digital subscription. We encourage you to support quality journalism and subscribe or buy the physical newspaper. Subscribe here >
 

 

 
THE FINANCIAL TIMES 
 

 

 
The FT leads with the news that Sony has taken a $250m stake in Epic Games, the company best known for the game “Fortnite”. Analysts say Sony’s move could be a canny one as Fortnite has evolved from being just a multi-player combat game into a fully-fledged social media platform capable of hosting events such as virtual concerts.

As the UK economy slowly reopens following the coronavirus lockdown, a new survey by the Office of National Statistics survey has found that three in five people in the UK are uncomfortable dining in restaurants. The paper says the findings point to a “muted recovery” for the food and hospitality sector.

Brooks Brothers, the 200-year-old menswear retailer that became the outfitter of Wall Street bankers, has filed for bankruptcy. The company had apparently struggled in recent years as business attire grew more casual and then saw its business decimated by the coronavirus pandemic, which sent the demand for suits plummeting.

The FT is a digital subscription. We encourage you to support quality journalism and subscribe or buy the physical newspaper. Subscribe here >
 

 

 
THE WALL STREET JOURNAL
 

 

 

American Airlines has threatened to cancel some of its orders for Boeing’s troubled 737 MAX jets according to this week’s Wall Street Journal. The airline is said to have told Boeing that it didn’t have sufficient financing to complete their order of aircraft.

Walgreens Boots said it plans to cut about 4,000 jobs in the UK as demand fell in its international business due to the coronavirus. The pharmacy chain said the pandemic had cost it around $700m in sales for the quarter ending 31 May.

Finally, another big name to announce job cuts is the motorcycle maker Harley-Davidson. The all-American brand said it was cutting 700 jobs or 13% of its global workforce, as it struggles to counter falling sales of its products in the US.

The WSJ  is a digital subscription. We encourage you to support quality journalism and subscribe or buy the physical newspaper. Subscribe here >

All views are strictly my own brief interpretation of the articles in the various publications and not intended to be comprehensive. 
 
Please feel free to forward to friends or colleagues and get in touch if you wish to add contacts to the mailing list.
Have a good week. 
Shay

 

 
 
Shay Dalton 
 
Managing Director – Lincoln Recruitment
E: sdalton@lincoln.ie

 

T: +353 1 661 0444/

086-8562176

 

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About the Author

Shay Dalton

Shay Dalton

Managing Director

sdalton@lincoln.ie+353 16498583

Shay Dalton is the Managing Director of Lincoln Recruitment Group. Shay is a qualified ACCA Accountant with over 20 years’ experience specialising in the placement of senior positions across a broad spectrum of Accountancy and Finance positions within the industrial and financial services sectors. Having been involved in the establishment of some of the most respected financial recruitment brands in the Irish market, Shay subsequently set up Lincoln Recruitment Specialists in 2008. He also hold’s an MSc in Organisational Management and is a member of BPS, qualified to conduct and interpret psychometric testing as well an EQi testing.

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